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RBI Imposes FEMA Compounding Penalty On Paytm
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RBI Imposes FEMA Compounding Penalty On Paytm
The Reserve Bank of India (RBI) has slapped a compounding order worth INR 18.8 Lakh on fintech major Paytm pertaining to alleged Foreign Exchange Management Act (FEMA) breach. In a filing with the exchanges, the company informed that it is in the process of making the payment for the compounding fee, pursuant to which the matter will be disposed off. The penalty pertains to Paytm’s acquisition of ecommerce startup Little Internet, which was com…
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